The Impact of Science on Economic Growth and Its Cycles: The Mathematical Dynamics Determined by the Basic Macroeconomic Facts (Lecture Notes in Economics and Mathematical Systems)

Aulin, Arvid

ISBN 10: 3540647279 / ISBN 13: 9783540647270

Published by Springer-Verlag Telos, 1998

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Bibliographic Details

• Title: The Impact of Science on Economic Growth and Its Cycles: The Mathematical Dynamics Determined by the Basic Macroeconomic Facts (Lecture Notes in Economics and Mathematical Systems)
• Publisher: Springer-Verlag Telos
• Publication Date: 1998
• Language: English
• ISBN 10: 3540647279
• ISBN 13: 9783540647270
• Binding: Paperback
• Condition: Like New
• Book Type: book

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Synopsis

The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.